How to get reo listings

2 Replies

Im a local small time broker in my area. I am an expert in several zip codes near by. It has forever eluded me how to get reo listings from banks. recently i noticed a foreclosed property get listed with a broker 80 miles away in a completely different part of the state. I had been following this property for 1.5 years. I feel like it would have been in the banks best interest to list it with a local guy. Can someone give me their story how they made the relationship with a bank and got their reos. i know this is a big trade secret, so maybe someone who is located no where near massachusetts.

Thank you

You're about 5 years too late. The banks have been slashing their number of REO agents for years......not interested in new ones. Connections were made long ago, systems set in place. But don't fret it, the commissions are low, you have to do a lot free property management services, sometimes out of pocket hundreds of dollars waiting to get reimbursed, etc. Put that idea in your rear view mirror.

The only way to get it done these days is to sign up for all the REO sites (Xome, Equator, HomePath, Res.net) and wait unless you know someone who can get you into some of the larger scale REO events to network with the asset managers. Res.net is the current best option, but it will cost you about $650/year.